Washington [US], June 24: The United States Treasury on Monday announced the temporary easing of sanctions on Iranian oil up to August 21 following talks with Iranian representatives in Switzerland.
The measure authorizes the production, delivery and sale of crude oil, petrochemical products and petroleum products of Iranian origin, a Treasury Department statement said.
The move is the largest since the start of the current Iran war on February 28. In March, the US temporarily eased sanctions on Iranian oil on tankers with the aim of calming the energy markets.
Oil prices rose sharply on global markets after the war effectively closed the Strait of Hormuz through which most oil and petroleum products from Iran and the Gulf States is exported.
US Treasury Secretary Scott Bessent described the latest talks with Iran as "productive."
"In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country," he posted on X.
"As part of the framework, Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil," Bessent said.
US Vice President JD Vance recently said that a new agreement with Iran would yield economic advantages, provided that Tehran renounced the enrichment of uranium and allowed the destruction of its stocks of highly enriched uranium.
Iran wants to allow inspectors from the International Atomic Energy Agency (IAEA) back into the country, Vance said on Monday, but he did not lay out a timetable.
Vance made his comments at the end of his talks with the Iranian side at the Burgenstock Resort hotel complex in Switzerland. The negotiators tried at 2 am (0000 GMT) to reach the inspectors but most did not answer the phone, he said.
Last autumn, the IAEA visited some sites of Iran's nuclear programme that had not been damaged by the Israeli and US strikes in June 2025.
Since those first attacks, it has had no access to Iran's uranium enrichment facilities.
At the end of February, the United States and Israel began a war against Iran, which is now to be settled under a framework agreement.
Vance said he would return to the US as early as Monday. Negotiations with Iran would continue at the technical level, he said.
He said a procedure had been agreed to ensure that the Strait of Hormuz remains open. Iran had closed the waterway, which is key to oil and fertilizer traffic from neighbouring states, to the world markets.
The two sides agreed on how to discuss any ceasefire violations stemming from the framework agreement, including in Lebanon, to prevent a new escalation.
"We have laid very solid foundations for reaching a successful final agreement," Vance said.
He added that much work still lay ahead for the negotiators. The framework agreement states the intention to reach the final agreement within 60 days if possible.
On the Iranian assets mentioned in the framework agreement, Vance said the US and Qatar would retain oversight of what would be paid out and when. The money would be used to buy soybeans, maize and wheat from the US.
"If the Iranian assets are ever unfrozen, they are going to make American farmers richer and to feed the Iranian people," Vance said.
Rubio to visit Gulf soon after Iran deal
US Secretary of State Marco Rubio will travel to the United Arab Emirates, Kuwait, and Bahrain over coming days, after reaching a framework agreement with Iran, the State Department said in Washington on Monday.
"The Secretary will discuss a range of regional priorities including the memorandum of understanding with Iran, efforts to secure full and free safe transit through the Strait of Hormuz, and the importance of peace and stability in the region," during the trip between Tuesday and Thursday, it said.
Rubio is also to meet with the Gulf Cooperation (GCC) to discuss shared priorities across the region.
The trip is the first by a US administration official since an agreement between Washington and Teheran was signed last week.
The agreement provides for Iran to allow free passage through the strait and to allow inspectors of the International Atomic Energy Agency (IAEA) into the country.
The Gulf states are likely to play a key role in implementing the agreement, as the strait is a key route for the international oil and gas trade.
Source: Qatar Tribune
